indestructibility or durability

refers to the fact that land cannot be destroyed. It remains no matter what happens to it. It may go under water, become a crater, or be added to. In in any case, the land will still be there.

physical characteristics of land

indestructibility or durability, immobility, nonhomogeneity

immobility

refers to the fact that land cannot be moved. When personal property is purchased, the buyer can move it to a new location. When land or rights in land are purchased, the owner must go to the land.

nonhomogeneity

refers to the fact that no two parcels of land are the same Even two identical looking lots in a subdivision at least differ in their position on the earth. Each parcel of land is unique.

economic charactaristics of land

scarcity, modification, fixity, situs

scarcity

comes from the theory of supply and demand. When there is a shortage of something that individuals want, the price goes up.

modification

refers to the fact that value is affected by man made changes to the land. These changes can be on the land itself or offsite.

fixity

refers to the fact that land, and additions to the land such as buildings, take long periods of time to pay for themselves. Also refers to the fat that land cannot be moved, but is fixed in location.

situs

refers to the location of the property or land from an economic, not a geographic, viewpoint. "Location, location, location". Climate, views, access to natural recreation, as well as schools, job opportunities, and transportation will all be important. This characteristic may may change over time as society changes and different lifestyles prevail.

common law

a body of law developed in England and based upon "common sense" and local custom.